01-92 Sanitary Sewer Bonds $6,500,000

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utility facilities, together with the acquisition of certain real property and acquiring certain machinery and equipment for the Utility and (ii) those certain costs set forth in Section 133.15(B), Ohio Revised Code, including, without limitation, financing costs, which Series 1991 Notes are dated September 17, 1991, and will mature on February 5, 1992; WHEREAS, the Issuer has determined that further construction, improvements and acquisitions are necessary for the continued efficient operation of the Utility; WHEREAS, the Council of the Issuer hereby determines that it is necessary to immediately proceed with making such further construction, improvements and acquisitions (as further defined in Section 2 hereof, the "Project 1992"); WHEREAS, in order to furnish funds for the purpose of (i) paying the costs of Project 1992, (ii) refunding the principal amount of the Series 1991 Notes at maturity and (iii) paying those certain costs set forth in Section 133.15(B), Ohio Revised Code, including, without limitation, financing costs, the Council hereby determines that it is necessary to authorize the issuance and sale of sanitary sewer system bonds, to be designated "Sanitary Sewer System Special Obligation Bonds, Series 1992" pursuant to Section 3 of Article XVIII of the Constitution~ Chapter 133 of the Ohio Revised Code, Section 32, Article XIV of the Charter of the Issuer, the General Bond Legislation and this Series Legislation, as hereinafter defined, for such purpose; WHEREAS, the Fiscal Officer of the Issuer has certified to this Council the estimate of the maximum maturity of the bonds and that all the permanent improvements have an estimated life or period of usefulness of at least five years; and WHEREAS, subsection (a)(vi) of Section 38 of the General Bond Legislation provides that the Issuer and the Fiscal Agent may, without consent of, or notice to the Holders, enter into an amending ordinance to make any amendment which, in the opinion of nationally recognized bond counsel selected by the Fiscal Agent, is not to the prejudice of the Fiscal Agent or the Holders; and WHEREAS, the Issuer desires to amend the General Bond Legislation to permit the refunding or advance refunding of Bonds issued pursuant to the General Bond Legislation and Series Legislation and to correct the location of the Fiscal Agent; and WHEREAS, this ordinance is an emergency measure which is necessary for the immediate preservation of the public peace, property, health, safety and welfare in the City of Lakewood for the reason that the immediate issuance and sale of the bonds herein authorized is necessary to refund the Series 1991 Notes at maturity -2-